The Community Benefit Societies (Restriction on Use of Assets) Regulations 2006

Procedure for imposition of restriction on use

This section has no associated Explanatory Memorandum

4.—(1) A restriction on use may be included in the rules of a prescribed community benefit society at the time when it is registered under the 1965 Act or may be adopted by the society in accordance with paragraph (2).

(2) A prescribed community benefit society may by special resolution amend its rules so as to adopt a restriction on use and, for this purpose, “special resolution” has the same meaning as in section 52 of the 1965 Act(1) (conversion into, amalgamation with, or transfer of engagements to company).

(1)

Section 52(3), which defines “special resolution”, was substituted by section 1 of the Industrial and Provident Societies Act 2002 (c. 20).